Shakey’s net income breaches pre-pandemic levels in 2022

Shakey’s Pizza Asia Ventures Inc. saw its bottom line breach pre-pandemic levels in 2022 as the company doubled its systemwide sales due to higher consumer spending.

The casual dining chain and food service operator on Monday reported an P874-million net income. Systemwide sales doubled to P14.1 billion, and exceeded 2019 levels by 36%.

“The past three years tested our mettle as a company but the resilience of our brands, our stores, and our people shone through,” Chief Executive Officer Vicente Gregorio said in an emailed statement.

“I am humbled to say that PIZZA has fully bounced back, above and beyond… In the face of uncertainty, we remained true to our vision of building a strong roster of Wow Brands that can deliver long-term, sustainable growth, prudently investing in opportunities that came our way,” he added.

The company is the exclusive franchise holder of the Shakey’s Pizza Restaurants business in the Philippines, licensed to develop company-owned Shakey’s outlets and sub-license the Shakey’s brand to other entities in the country.

Its brands include Peri-Peri Charcoal Chicken and Sauce Bar, R&B Milk Tea, Project Pie, and Potata Corner.

The firm ended 2022 with a global store network of 1,772 — 68 Peri-Peri stores, 268 Shakey’s outlets, and Potato Corner with 1,425 stores. There were 153 new Potato Corner store openings, covering markets such as China, the United Arab Emirates, and the United Kingdom.

Shares in the company closed Monday at P8.26, up by P0.05 or 0.61% from last Friday’s finish of P8.21. — DVM, GMA Integrated News